“The Backend”
[private].[/private]
One Time Offers
Even if you are completely new to marketing, you, like the rest of the human race, have undoubtedly had experience with the one-time offer (OTO). This is also known as the limited time offer and it is one of the many faces of the scarcity rule. The scarcity rule is based upon basic human psychology and needs.
Now, I’m not going to bore you with a psychology lesson, but you need to know some basics. People are driven by their emotions and emotions can make or break a sale. Once you understand how this works, you can create one-time offers that will have your customers jumping through virtual hoops to get your product.
The OTO is intended to get the customer’s blood pumping. When a customer sees that the offer is only available for a limited time and that it is not coming around again you instill a form of fear that encourages immediate action.
Yes, I said fear. The customer will fear that they might miss out on something. There is no time to think about it. Just buy! That’s the sense you’ll want to give them.
No one wants to miss out on something and there are two reasons for this. These are two of the basic human needs that drive us. They are:
The need to fit in: When we can jump on the wagon of a one-time offer, we know we have made it into a very elite crowd. We belong with the people who have made that purchase. We fit in with those who can say they got a great deal (which can be anyone you know).
The need to be unique: We also have a basic need to stand out and apart from others. This conflicts with the previous need to fit in. If the offer is limited to a one-time deal, we know we will be one of the few people to have it and that helps us to feel special, a step above.
I know it sounds strange but a well written sales page pushing your OTO can make them feel that they will fit in by taking up the offer and at the same time feel “unique” because they will be among the few who got into this special group.
OTOs are the most valuable tool for promoting backend products and it can greatly increase your profits. When you make an OTO, you are creating a sense of urgency in your customers. They need to respond immediately. It kicks impulse into overdrive.
One-time offers come in many shapes and forms. You can make them in the following ways:
** A product that compliments the product you’ve already sold
** A service related to your digital product
** A one-time opportunity to buy the resale rights or private label rights to the product you’ve already sold
** An audio version of the product
** Personalized Coaching sessions, etc…
** Videos covering topics related to the digital product
There are countless other ways and you will find that, if you use your imagination coupled with your unique product or service that you will be able to come up with offers that are inventive and appealing.
The best way to present your one time offer is to present it IMMEDIATELY after the customer has already made an introductory purchase from you. One of the easiest ways to do this is to customize your “Thank You” page to display your one time offer.
The other way is to use your opt-in mailing lists. You can send offers to your customer lists, which is effective because they have already bought from you and trust you. Add a tempting one-time offer to a level of trust and you are off to the races. Once customers have been on the list for a short while present them the one time offer tastefully.
You can also send mailings to your prospect list using limited time offers and one time offers in attempts to get those who are “on the fence” to open up their wallets & purses to you!
When you set up the one-time offer, here are a few pointers:
Set up one time offers judiciously: If you do it too often, they will lose their appeal and people will not bite. Make your one time offers in conjunction with new product launches only to customers who have already purchased for you and you will be following a proven formula for success.
Say what you mean, mean what you say: Be honest and make one-time offers with integrity. When you say the offer is good for 14 days, then at the end of 14 days, remove the offer. People will catch on quickly if you are not holding true to the parameters you set for your one time offers. Once your subscribers & customers realize your offers don’t tend to follow the limitations you set forth the scarcity effect will quickly lose it’s “oomph.”
Timing & quantity limitations are flexible: There are no hard and fast rules as to how long you should set your offer for, or how many items you can sell. You do what you feel is the best for your business. You can set it for one week or two. You can set it for two days. When it comes to limited quantities, you can set the number as you see fit as well.
When you limit the time or the quantities available, you are increasing the perceived value of the product or service you are offering. Again, it comes down to perceived value and that’s all that really matters to your customers. A count down script displaying on the OTO page is another great include to really give the customer the feeling that the offer is truly limited. They will see the clock ticking the time (or quantities) away.
After all, if they know that everyone can have oneof your “widgets,” it just doesn’t mean as much. However, if they know they will be one of the lucky few, they will be chomping at the bit. Now, go get ‘em chompin’!
